The Canadian Bankers Association just released January 2013 statistics showing that the number of residential mortgages that were behind in payments by 3 or more months in Alberta fell -29% from the previous year.
With Calgary single family home prices now only -1% below peak levels, it makes sense that if a homeowner was in dire straits they could realistically sell rather than fall further behind and into foreclosure.
Month-over-month, Alberta`s arrears rate remained steady at 0.49% which remains the highest of the provinces, with BC a close second at 0.45%.
Aside from Alberta, three other provinces had an arrears rate that was unchanged from the previous month:
- Quebec (0.33%)
- Ontario (0.22%)
- British Columbia (0.45%)
Mortgage arrears rate increase in:
- Atlantic provinces from 0.47% to 0.49%
- Manitoba from 0.25% to 0.26%
The only province to see an improvement month-over-month was Saskatchewan, from 0.33% to 0.31%.
Canada-wide the arrears rate remained steady at 0.33%
You can download the entire report here